An attorney for Overseas Shipholding Group Inc., one of the world's largest publicly traded tanker holding companies, told a U.S. judge on Friday a deal was close with noteholders that would clear the way for creditors to vote on its bankruptcy exit plan, Reuters reported on Friday. Noteholders agreed to drop their objection to the company's $1.5 billion rights offering for a chance to participate in the stock sale, said Luke Barefoot, an attorney with Cleary Gottlieb Steen & Hamilton, which represents the company. The rights offering is a key component to Overseas Shipholding's exit plan and would allow existing stockholders to buy newly issued stock in the company. The plan is also backed with $1.35 billion in financing from Jefferies Finance.
